Vattenfall seeks 4.7 bn euros for German decision to close nuclear plants
17 October 2014
Swedish energy group Vattenfall is claiming 4.7 billion euros ($6.0 billion) in damages from Germany following Berlin's decision to phase out nuclear power, according to sources close to the German Economy Ministry quoted by AFP. Swedish media reports in December 2012 had put the claim at 3.5 billion euros.
Following the Fukushima disaster in Japan in 2011, the German government announced it would phase out nuclear power completely and immediately shut several nuclear reactors, including the plants in Brunsbüttel and Krümmel in the north of the country that were jointly owned by Vattenfall and Germany's E.ON.
Both plants had a history of technical problems and had been out of service since 2007 and 2009, respectively.
Vattenfall claims its right of ownership was violated by the German Government's decision and has started proceedings at the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) in New York.
The company is also facing opposition to earlier plans to build more nuclear plants in its home country. Sweden's newly-formed coalition government has said it wants Vattenfall to halt its nuclear power expansion programme in the country.
Contact Details and Archive...